Azure Power Wins its First 120 MW ISTS Wind Project with SECI

Azure Power, one of the leading solar power developers in the country, has announced that it has received the letter of award (LOA) for its first wind project, 120 MW ISTS project with Solar Energy Corporation of India (SECI) to supply power for 25 years at a tariff of INR 2.70 per kWh.

Azure Power’s project is part of the 1,200 MW ISTS Tranche – XI tender from SECI and will be constructed in Karnataka, within a period of 18 months from the signing of Power Purchase Agreement (PPA).

Speaking on this occasion, Ranjit Gupta, MD and CEO, Azure Power, said, “This is a significant milestone in Azure’s journey as the leading renewable energy player in India. We have secured our first step in diversifying our presence in the renewable spectrum in India and it positions us well to add to our addressable market while we build scale in this segment on the back of strong management experience and Azure’s long history of execution.”

Azure Power is an independent renewable power producer in India. The company developed India’s first private utility scale solar project in 2009 and has been engaged in the sector as a developer, constructor and operator of utility scale renewable projects since its inception in 2008, said the firm.

“With its in-house engineering, procurement and construction expertise and advanced in-house operations and maintenance capability, Azure Power manages the entire development and operation process, providing low-cost renewable power solutions to customers throughout India,” states the company.

Azure Power announced its Q1 results last month. Net profit for the quarter ended June 30, 2021 was INR 697 million (US$ 9.6 million). The increase in net profit was mainly due to an increase in operating revenue by INR 500 million (US$ 6.7 million). Adjusted EBITDA for the quarter ended June 30, 2021 was INR 3,668 million (US$ 49.3 million), an increase of 11% over the quarter ended June 30, 2020, said the company.